Question: Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales

Fortune Incorporated is preparing its master budget for the first quarter.

Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are budgeted at 157,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows. Sales Commissions 9% of sales dollars Rent $ 48, 980 per quarter Advertising $ 551, 080 per quarter Office salaries $ 250, 080 per quarter Depreciation $ 106, 989 per quarter Interest 1. 25% quarterly on $208, 080 note payable Tax rate Prepare a budgeted income statement for the first quarter ended March 31. (Round your Intermedlate and final answers to the nearest whole dollar.) FORTUNE, INCORPORATED Budgeted Income Statement For Quarter Ended March 31 Selling, general and administrative expenses

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